1990년대 중반 이후 세계적인 저금리 기조 속에 1996년에서 2007년까지 영국 의 주택 평균가격은 3배 이상 상승했다. 해당기간 주택가격 상승은 투기적 주택 수요로 이어져 모기지 대출이 크게 증가했으며, 주택가격 상승 국면에서 자산효 과로 신용 소비가 크게 늘면서 영국 가계의 부채가 커지기 시작했다. 또한 업체 간의 과도한 경쟁으로 모기지 은행의 부실이 심화되는 등 주택가격 상승으로 인 한 부작용이 표면에 드러났다. 영국 정부는 이에 저렴주택을 중심으로 한 공급 확대 정책과 부동산 세제 개편 을 통한 수요 조절 정책을 통해 근본적인 주택가격 상승의 원인인 수급 불균형을 조절하되, 금리인상 정책을 함께 추진해 투기적 수요를 차단하려 했다. 주택가격 급등시기의 영국의 대응 정책이 한국에 시사하는 것은 적절한 시기에 금리 인상을 단행해 투기 수요를 미리 차단하려고 했던 점과 저렴주택의 공급을 통해 실제로 주택을 필요로 하는 계층의 수요를 중심으로 주택 문제를 풀어나가 려 했다는 점이다.

The average house price in the UK increased by more than three times during the period between 1996～2007. The soaring house prices was followed by speculative demand as a side effect. Moreover, this triggered increase in household debt, over-consumption through wealth effect and intensive competition in the mortgage market which has led to many mortgage lenders to falter. In response, the British government employed a housing supply policy focusing on affordable housing. At the same time, it also instituted a demand control policy with real estate tax reform. In harmony with the government’s attempt for adjusting the mismatch between supply and demand in the housing market, the Monetary Policy Committee raised interest rate from Nov. 2003 until Nov. 2007, which contributed to reduce speculative demand in the market. The major implications of the UK policies for rising housing prices to the Korean situation are as follows: First, it has tried to block speculative demand by raising interest rate timely. Second, it has focused on actual demand with affordable housing schemes in housing supply policy.

The average house price in the UK increased by more than three times during the period between 1996～2007. The soaring house prices was followed by speculative demand as a side effect. Moreover, this triggered increase in household debt, over-consumption through wealth effect and intensive competition in the mortgage market which has led to many mortgage lenders to falter. In response, the British government employed a housing supply policy focusing on affordable housing. At the same time, it also instituted a demand control policy with real estate tax reform. In harmony with the government’s attempt for adjusting the mismatch between supply and demand in the housing market, the Monetary Policy Committee raised interest rate from Nov. 2003 until Nov. 2007, which contributed to reduce speculative demand in the market. The major implications of the UK policies for rising housing prices to the Korean situation are as follows: First, it has tried to block speculative demand by raising interest rate timely. Second, it has focused on actual demand with affordable housing schemes in housing supply policy.

housing market, housing polices, affordable housing, interest rate control, UK